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Texas Ethics Commission PO. Box 12070 Austin Texas 787112070 (512) 4635800 CANDIDATE I OFFICEHOLDER CAMPAIGN FINANCE REPORT FORM C/OH COVER SHEET PG 1 c: 1 ACCOUNT# FIRST/? MS/MRS/MR C (, .b, r. NICKNAME
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What is fbac?
FBAC stands for Foreign Bank Account Report. It is a report required by the US Department of Treasury to disclose foreign financial accounts held by US taxpayers.
Who is required to file fbac?
US taxpayers who meet the filing threshold for foreign financial accounts are required to file FBAR.
How to fill out fbac?
FBAC can be filled out online through the FinCEN's BSA E-Filing System.
What is the purpose of fbac?
The purpose of FBAC is to prevent tax evasion by US taxpayers who hold foreign financial accounts.
What information must be reported on fbac?
The FBAC requires reporting of the maximum account value in each foreign financial account during the reporting year.
When is the deadline to file fbac in 2024?
The deadline to file FBAC in 2024 is April 15, 2025.
What is the penalty for the late filing of fbac?
The penalty for late filing of FBAC can be up to $10,000 per violation if not willfully delayed.
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